Friends
Stocks continue to flounder a bit after the meaty run-up in prices we have seen for much of the year and as we have mentioned, that may not be a bad thing. We are seeing the year’s high-flying leaders take a break and there are those who wonder if this market can move higher without the generals. Yes, we have seen a broadening out of participation, but it appears we will need more of that if the market averages are going to move higher in the short term.
As for today, by the close the Dow Jones Industrial Average was down 102 points to finish the day at 33,951. The S&P 500 was down 23 points to close at 4,365. The Nasdaq Composite Index was down 165 points to close at 13,502. Gold was down $2 to trade at $1,945 per ounce, while oil was up $1.38 to trade at $72.57 per barrel WTI.
As I mentioned last week, we are entering the dog days of summer where often stocks struggle to find a footing. A lot of good news (Fed pausing, inflation lessening, employment remaining firm) might already be priced into stocks at this time, so even though the bulls still hold the high ground for the moment, any further advancements might be difficult to accomplish.
Have a nice evening everyone.
